US Sanctions Target All Iranian Revenue Sources, Bessent Says

The United States announced new sanctions against Iran on Monday, with Treasury Secretary Scott Bessent warning all countries to cut financial ties or face retaliation. The measures aim to block all revenue sources for Tehran. Bessent said President Donald Trump has made direct calls to world leaders demanding they cease interactions with Iran, claiming the UAE's recent suspension of trade was not coincidental. Iran's currency hit a record low of 2.02 million rials to the dollar, with food prices soaring since the war began. Iran retains strategic leverage by nearly halting traffic through the Strait of Hormuz, while Pakistan sent a delegation to encourage negotiations. The IMF forecasts Iran's economy will contract over 5 percent.